Customers of TD Bank could be looking at a cash injection, after a class action was taken against the company, which is seeing it pay out millions.
According to the plaintiffs, the bank illegally charged overdraft fees to personal checking account holders, and now it’s time to payback. TD Bank denies any wrong doing, but has opened the vaults to pay out over $32 million to customers affected.
Read on to find out if you’re eligible, and how to claim.
TD Bank $32.2 Million Overdraft Settlement
A class action case against TD Bank has seen the company agree to pay out over $32 million to its customers, after it was accused of charging illegal overdraft fees.
The case, Burns v. TD Bank, N.A., Case No. 1:21-cv-18194-KMW-AMD, challenges TD Bank’s assessment of overdraft fees for accounts that were in the positive at the time the original purchase was made, but were negative when the actual amount was taken, and hence an overdraft fee was taken,
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For its part, TD Bank denies any wrong doing, but has agreed to pay $32.2 million to customers who have been affected.
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Who is Eligible for TD Bank Overdraft Settlement?
If you want to claim in the TD Bank overdraft settlement, you’ll first need to make sure that you are eligible. You must:
- Current or past TD Bank customer
- Have, or have had, a personal checking account with the bank
- Charged “APSN” fees between June 27th, 2019, and September 30th, 2022
If the above applies to you, you could well be entitled to claim.
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How To Claim in TD Bank Overdraft Settlement
Unlike some other settlements, which require you to fill out a form to apply, this one is relatively straight forward. In fact, there’s every chance that you don’t need to do anything to claim. You may have receive a notifcation, such as a postcard, from TD Bank, on the matter already, which means that you are included.
If you haven’t receive notice, and think you are eligible, you should make contact with the administrators of the settlement at the official case website, or call the toll-free number, 888-695-6078.
If you are included in the settlement, and don’t want to be, you have until September 14th 2024 to opt out or object.
The final approval hearing is currently scheduled to take place on October 15th 2024, with payments following after this date, assuming no further hold ups or complications.
At this time there are no estimates around how much each claimant can expect to receive.
